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    Only 14% of Asian Bank Financing Goes To Renewable Energy

    Discovery In Fusion Energy To Be Revealed By U.S. Officials

    Germany Holds Its First Ever Green Ammonia Imports Auction

    First Offshore Wind Auction In California Generates $757M

    United Kingdom Onshore Wind Generation Has Now Reached 37GW

    Onshore Windfarm Ban Overturned In A UK Government U-Turn

    Irish Wind Farms Gave Local Communities €4.3 Million In 2021

    By 2025, Renewables Will Dominate Worldwide Electricity

    Climate Council of Australia Urges Clean Energy Storage Plan

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    Refiners Should Not Be Making Above Normal Profits- Biden

    Refiners Should Not Be Making Above Normal Profits- Biden

    Cluster of Businesses Want The EU To Improve Energy Security

    Cluster of Businesses Want The EU To Improve Energy Security

    Enel plans to expand power distribution business into US

    In A Move To Avert Blackouts Australia Halts Power Market

    Central American Development Bank commits $800 million toward the fuel relief effort

    Central American Development Bank commits $800 million toward the fuel relief effort

    A New 500-MW Supercritical Coal-Fired Power Plant Going into Operationa in Philippines

    EU Reduces Plans of Fossil-Fueled Electricity By One-Third

    BP to invest up to £18 billion in UK energy system by 2030

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

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    Atlas and Hitachi to develop energy storage systems for renewable projects

    Nine New Countries Sign Up for Global Offshore Wind Alliance at COP27 in Sharm El-Sheikh

    SolarDuck to build 5MW floating solar demonstrator integrated with offshore wind farm

    United Kingdom Onshore Wind Generation Has Now Reached 37GW

    ABO Wind connects first wind farm in Poland

    By 2040, Floating Offshore Wind To Add 67K Total Jobs In UK

    Europe’s latest wind offshore auction mainly using non-price criteria is a success

    Italy's Innovatec targets EUR 100m in revenue from new solar business

    Italy’s Innovatec targets EUR 100m in revenue from new solar business

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    SPI Energy Develops Utility Scale Solar Project in Maryland

    Lightsource BP pioneers UK's first night-time solar service

    Altus Power and Heliene Establish Strategic Partnership to Support U.S. Solar Module Manufacturing

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Only 14% of Asian Bank Financing Goes To Renewable Energy

in News, Renewable Power

According to a survey, the proportion of renewable energy in Asian banks’ energy finance has remained low over the last six years, at just 14%, with no obvious rising trend.

As of September 2022, only 21% of all pending energy investments by financiers in the region were for renewable energy projects, according to a report by Fair Finance Asia and the Stockholm Environment Institute.

Bernadette Victorio, Program Lead, FFA, stated that the findings from their new analysis demonstrate that no significant shift in energy financing and investments across Asia is leading to neither a just nor any genuine transition since the Paris Agreement.

Funding decisions that support continued fossil fuel finance, along with unambitious plans by Asian countries to reach net-zero emissions, prevent Asia from achieving the 1.5 degree Celsius objective. FFA calls on the financial sector and leaders in Asia to swiftly establish and put into effect policies that would enable a true transition from fossil fuels to renewable energy sources while safeguarding the rights and well-being of the most disadvantaged communities.

The analysis evaluated 13 Asian markets, including China, Malaysia, Singapore, South Korea, Thailand, Vietnam, Bangladesh, Indonesia, India,  Japan, Pakistan, as well as the Philippines.

It was discovered that more than half of the respondents from the 13 main markets rely on fossil fuels for at least 80% of their power generation and that, on average, respondents from these markets rely on coal, oil, and natural gas to supply 77% of their energy demands.

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